The Portland daily press., 1887-06-16
THE WHEAT PANIC.
Another Exciting Day In Chicago
Trade Circles.
Several More Failures Announced to
the Public.
The Losses IniTwo Days Amount to
So, 200, 900.

| CHICAGO, June 15.-The panic was ayerted
at the opening Of the Board of Trade
| this morning by G. ]. Kershaw's an
| nouncement that he had money enough
in the American Exchange National Bank
to pay the firms clearing house differences
and margin below the market Several
small failures were announced but attracted
little notice. These were Hessrs. B. j. Nc
Cleary q Co., J. ii. Yorke = Co., and o. S.
Orr. Wheat advanced at once to So cents
for July. As IL o'clock approached the
crowd knew the most dangerous moment
was at hand. The clearings sheets must be
In and the differences of the day before set
tied. Immediately after IL o'clock came the
announcement Of another batch Of suspen-
siods, I. f. Baldina 81 Co., Crosby & Co.,
and Pickering & Co. Crosby's failure pro-
duced sensation. He has been rich man
IA the market Tor ten years, and the trade
though he was impregnable. Then at IL 80
O'Clock came the news Of the suspension of
M. b. Crafts q Co., and M. 5. Robinson &
Co., tne latter presumably substantial
mouse. Inc crowd thought the crisis passed
when the clearing sheets were in, but here
was another terrible disappointment. G.. j.
kershaw & Co.'S account at the American
Exchange Bank. amounting to $780,
~ ~ poaa naa 1een garnished at 10 o'clock
that Wiltshire Of Cincinnati, was In the city
and had taken care Of Kershaw Is Co, while
ne had allowed them to go to the wall hur-
RED TO their lawyer. Papers were
procured aos0nn, and u the B., money to Ksrshaws
bank was attached. This occurred while all
at the board Of trade were In fancied securi-
w.. Not until kershaw's partner, DeWar,
mad taken check for S20o, o,Cco for certificates
failed to return was there any inkling Of the
trouble. At noon the check had not been re-
turned and there was a CONSERVATION. II
began TO leak out on the floor and July
wheat dropped to 703. Trading was sus-
pended The hands OF the clock passed the
noon hour and kershaw's cheek had not ar
rived. Contrary to rule the clearing hour
was extended five minutes. Still there was
no certified check. Then an official an
nouncement was issued that Kershaw & Co.
had failed TO go through. After this there
was less depression than while the pit was
awaiting the news. The crowd felt that
kershaw with SSc0co0 In the bank even II
garnished was better creditor than without
that S6Oo,G0 which Wiltshire had bought
Besides buying by big men who had other In
terests imperilled by the panic, had turned
the market up from 20 cents bottom price)
July sold up 10 ~ cents between II and /
O'Clock. The tying up Of S8c0,cc0 virtually
tied up the market and the last hour Of the
Iong session was uneventful as to the amount
Of business done. The i o'clock range Of
prices showed material recovery from bot
tom quotations, and no change Of conse-
quence occurred during the afternoon ses-
sion. June and July wheat closed at Al and
u cents lower respectively On the afternoon
board there was even a better.feeling. Ker-
shaw & Co. sent the following communca-
tion:
We are all tied up, but solvent and can pay out
IN full II the market goes no lower. We expect TO
extricate ourselves and pay in full tomorrow
morning.
Frank johnson, Of the failed firm Of
Maurice R0senfeld Il Co., said today that II
the clique stood by Kershaw 1t would have
to stand by his firm. They were sparing no
eenort to get at Wiltshire and bring him to
time.
The failure of Charles Henrolin, a prom
lnent stock broker ahd member Of the New
4 1ork Stock Exchange, and for many years
Belgian Consul in Chicago, was general
surprise and added to the uneasiness. He
expects to pay every dollar and resume busi-
ness.
Suit was commenced by the failed firm of
Rosenfeld & Co. against Wiltshire, Eckler 4
Co. Of Cincinnati for S1,0C0,cc0. A deputy
sheriff secured service during the afternoon
on Wiltshire while the latter was engaged in
conference in Dearborn street bank. Rosen-
field said tonight the suit was entirely of a
civil nature. 1t had been brought in hurry
TO secure service on Wiltshire while he was
in town.
Seventeen firms were posted for failure to-
day to settle margins. Twenty million BUSH
els OF wheat are involved. The losses for
two days amount to sS,cooOoo.